sec.54Substitute licensee

### sec.54 Substitute licensee On appointment, a substitute licensee— must act as substitute for the licensee for whom the substitute is appointed; and is taken to be the licensee during the period of the appointment. A licensee for whom a substitute has been appointed must not act under the authority of the licensee’s licence while the appointment of the substitute licensee continues. Maximum penalty—200 penalty units. The appointment of the substitute licensee ends if— the period of the appointment ends; or the principal licensee gives written notice to end the appointment from a date stated in the notice— for a substitute licensee appointed under section 51 (1) or 52 (2) —to the substitute licensee; or for a substitute licensee appointed under section 53 —to the chief executive and the substitute licensee; or the substitute licensee gives written notice to end the appointment from a date stated in the notice— for a substitute licensee appointed under section 51 (1) or 52 (2) —to the principal licensee who made the appointment; or for a substitute licensee appointed under section 53 —to the chief executive and the principal licensee who applied for the appointment; or the chief executive revokes the substitute licensee’s appointment; or the licensee’s licence is suspended or cancelled; or if the licensee is a principal licensee—the licensee stops carrying on business as a licensee. (sec.54-ssec.1) On appointment, a substitute licensee— must act as substitute for the licensee for whom the substitute is appointed; and is taken to be the licensee during the period of the appointment. (sec.54-ssec.2) A licensee for whom a substitute has been appointed must not act under the authority of the licensee’s licence while the appointment of the substitute licensee continues. Maximum penalty—200 penalty units. (sec.54-ssec.3) The appointment of the substitute licensee ends if— the period of the appointment ends; or the principal licensee gives written notice to end the appointment from a date stated in the notice— for a substitute licensee appointed under section 51 (1) or 52 (2) —to the substitute licensee; or for a substitute licensee appointed under section 53 —to the chief executive and the substitute licensee; or the substitute licensee gives written notice to end the appointment from a date stated in the notice— for a substitute licensee appointed under section 51 (1) or 52 (2) —to the principal licensee who made the appointment; or for a substitute licensee appointed under section 53 —to the chief executive and the principal licensee who applied for the appointment; or the chief executive revokes the substitute licensee’s appointment; or the licensee’s licence is suspended or cancelled; or if the licensee is a principal licensee—the licensee stops carrying on business as a licensee. - (a) must act as substitute for the licensee for whom the substitute is appointed; and - (b) is taken to be the licensee during the period of the appointment. - (a) the period of the appointment ends; or - (b) the principal licensee gives written notice to end the appointment from a date stated in the notice— (i) for a substitute licensee appointed under section 51 (1) or 52 (2) —to the substitute licensee; or (ii) for a substitute licensee appointed under section 53 —to the chief executive and the substitute licensee; or - (i) for a substitute licensee appointed under section 51 (1) or 52 (2) —to the substitute licensee; or - (ii) for a substitute licensee appointed under section 53 —to the chief executive and the substitute licensee; or - (c) the substitute licensee gives written notice to end the appointment from a date stated in the notice— (i) for a substitute licensee appointed under section 51 (1) or 52 (2) —to the principal licensee who made the appointment; or (ii) for a substitute licensee appointed under section 53 —to the chief executive and the principal licensee who applied for the appointment; or - (i) for a substitute licensee appointed under section 51 (1) or 52 (2) —to the principal licensee who made the appointment; or - (ii) for a substitute licensee appointed under section 53 —to the chief executive and the principal licensee who applied for the appointment; or - (d) the chief executive revokes the substitute licensee’s appointment; or - (e) the licensee’s licence is suspended or cancelled; or - (f) if the licensee is a principal licensee—the licensee stops carrying on business as a licensee. - (i) for a substitute licensee appointed under section 51 (1) or 52 (2) —to the substitute licensee; or - (ii) for a substitute licensee appointed under section 53 —to the chief executive and the substitute licensee; or - (i) for a substitute licensee appointed under section 51 (1) or 52 (2) —to the principal licensee who made the appointment; or - (ii) for a substitute licensee appointed under section 53 —to the chief executive and the principal licensee who applied for the appointment; or